-- Posted Tuesday, 30 January 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $644.10 | +$1.50 |
Silver | $13.28 | +$0.14 |
XAU | 138.00 | +0.26% |
HUI | 329.59 | +0.31% |
GDM | 1058.32 | +0.58% |
JSE Gold | 2736.71 | -1.32% |
USD | 85.00 | -0.12 |
Euro | 129.62 | +0.08 |
Yen | 82.23 | +0.23 |
Oil | $56.97 | +$2.96 |
10-Year | 4.875% | -0.017 |
T-Bond | 109.50 | +0.09375 |
Dow | 12523.31 | +0.26% |
Nasdaq | 2448.64 | +0.31% |
S&P | 1428.82 | +0.58% |
The Metals:
Gold traded near unchanged in Asia, rose a couple dollars in London, remained near its highs in New York, and closed with a gain of 0.23%. Silver dropped to about $13.05 in late Asian/early London trade, but it then rose throughout most of the rest of trade in London and New York and closed with a gain of 1.07%.
Euro gold rose back near €500, platinum rose $7 to $1,179, palladium fell $3 to $338, and copper rose slightly to about $2.54.
Gold and silver equities rose over 1% in morning trade, remained near their highs in afternoon trade, and closed with near 1.5% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Consumer Confidence | Jan | 110.3 | 110.0 | 110.0 |
Tomorrow at 8:30AM EST brings the advanced reading for fourth quarter GDP expected at 3.0%, the Chain Deflator expected at 1.6%, and the Employment Cost Index expected at 1.0%. At 9:45 is Chicago PMI for January expected at 52.0, at 10:00 is Construction Spending for December expected at 0.0%, and at 2:15PM is the FOMC policy statement.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose over 5% and natural gas rose over 10% on cold weather and more OPEC production cut rumors.
The U.S. dollar index fell and treasuries rose as traders predict the fed will announce that they will keep interests rates unchanged at 5.25% tomorrow and indicate that they will keep rates unchanged at future meetings as well.
The Dow, Nasdaq, and S&P rose on mostly positive earnings reports before they pared their gains as oil rose, but they still ended modestly higher.
Among the big names making news in the market today were 3M, Motorola, P&G, UPS, and Countrywide Financial.
The Commentary:
“April Gold finished up 1.1 at 650.2, 2.3 off the high and 1 up from the low.
March Silver closed up 0.125 at 13.375. This was 0.125 up from the low and 0.065 off the high.
If the gold bulls were looking for help from the energy complex they certainly seemed to get that help on Tuesday. However, in order to translate the energy market action from a periodic negative into a persistent positive might require a solidification of the recent gains in oil prices. It is also possible that the gold market is beginning to see the weakness in the Dollar as more supportive, as the March Dollar Index at times on Tuesday was 75 points below the high from last week. However, the bull camp couldn't have been that happy with the flow of scheduled US economic data as the Consumer Confidence headline reading was actually below the median market expected gain of 1 point. However, the gold market also saw more evidence of additional gold ETF launches and it is likely that the sharply higher oil price reaction served to rekindle some flight to quality interest in the gold market.
While the March silver contract did manage to forge an initial lower low for the move on Tuesday morning, the market seemed to reject the slide rather convincingly. After some Brokerage house up grades of various silver mining concerns, the price action in the futures seems to have benefited from an overall improvement in the silver environment. In fact, with higher oil prices and general optimism toward silver mining shares, one might suggest that the bull camp has more than a single fundamental theme working in its favor.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Ted Butler: Buyer beware
Falling yen sparks carry trade alert
Hedge-fund hardball: How Amaranth was devoured by its banker, MorganChase
Ron Struthers: New commodities index is a lie
David Bond reports on Vancouver conference, pro-gold speech by RBC's Fell
The Statistics:
As of close of business: 1/29/2007
Gold Warehouse Stocks: | 7,431,355 | -31,871 |
Silver Warehouse Stocks: | 113,958,020 | -280,079 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 450.30 | 14,477,672 | US$ 9,332m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 86.48 | 2,780,285 | US$ 1,798m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.67 | 342,718 | US$ 222m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.25 | 329,387 | US$ 212m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 1/29/2007 | |
Total Net Assets | $902,718,856 | Ounces of Gold
in Trust | 1,404,140.630 |
Shares Outstanding | 14,150,000 | Tonnes of Gold
in Trust | 43.67 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 1/29/2007 | |
Total Net Assets | $1,537,884,312 | Ounces of Silver
in Trust | 116,112,664.800 |
Shares Outstanding | 11,650,000 | Tonnes of Silver
in Trust | 3,611.51 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
IAMGOLD’s (IAG) fourth quarter activity report, Rio Narcea’s (RNO) fourth quarter results, Tanzanian Royalty’s (TRE) option agreement, DRDGOLD’s (DROOY) U.S. listing, Rio Tinto’s (RTP) investment in Northern Dynasty (NAK), Bema’s (BGO) Extraordinary General Meeting, Great Basin’s (GBN) resource update, Bear Creek’s (BCM.V) warrants exercised, Oremex’s (ORM.V) operations update, Strategic Nevada’s (SNS.V) board appointment, UC Resources’ (UC.V) commencement of production, Endeavour’s (EXK) new appointments, Abcourt’s (ABI.V) new water treatment plant and director, and Fury’s (FUR.V) mill evaluation were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Claude Resources | CGR +5.97% $1.42 |
2. Seabridge | SA +5.69% $11.88 |
3. Lihir Gold | LIHR +4.73% $24.34 |
LOSERS
1. Endeavour Silver | EXK -3.61% $4.00 |
2. Minco Mining | MMK -2.82% $1.38 |
3. US Gold | UXG -2.51% $4.67 |
Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.
All of today's gold and silver stock news:
Osisko Reports New Drill Results from Canadian Malartic - More
- January 30, 2007 | Item | E-mail
Hawk Closes Second Tranche of Financing - More
- January 30, 2007 | Item | E-mail
Soltoro Completes $650,000 Private Placement - More
- January 30, 2007 | Item | E-mail
CDN$6,955,000 million received through warrant exercise: proceeds to fund continued aggressive exploration in Peru - "Bear Creek Mining (TSX Venture: BCM - News; "Bear Creek" or the "Company") is pleased to announce that further to the news release dated December 20, 2006, 2,072,210 warrants have been exercised resulting in the addition of CDN$6,955,000 to the Company's cash position. The Company is pleased to report that all of the outstanding Series D and E warrants outstanding were exercised." More
- January 30, 2007 | Item | E-mail
International Precious Metals Group Inc. to List Shares on Frankfurt Stock Exchange - More
- January 30, 2007 | Item | E-mail
Strathmore Completes LOI With $8 Million Commitment From Yellowcake Mining - More
- January 30, 2007 | Item | E-mail
Oremex Operations Update - "Oremex Resources Inc. (TSX-V: ORM - News; the "Company"), announces that it will commence drilling on its San Lucas Property 80 km north of Durango in the State of Durango, Mexico. The Company has mobilized its recently purchased drill rig to the property and engaged Tiger Drilling ("Tiger") to operate and maintain the drill rig. A director of the Company is the majority shareholder of Tiger. In addition, the Company has secured a second drill rig." More
- January 30, 2007 | Item | E-mail
Strategic Nevada Resources Corporation Announces Appointment of John Morgan Edwin Percival to Advisory Board - "Mr. Percival is an accomplished entrepreneur with more than 45 years experience in the financial markets, including 15 years as both Investment Manager and General Manager of Investments for Barclays Bank New Zealand Ltd. He has played an integral role in raising over $50 million (CAD) for resource investments over the past 5 years in both Australia and New Zealand." More
- January 30, 2007 | Item | E-mail
Denison expects big boost in uranium output - More
- January 30, 2007 | Item | E-mail
Geneva Gold Corp. Option Agreement With Petaquilla Minerals Ltd. - More
- January 30, 2007 | Item | E-mail
IAMGOLD Fourth Quarter Activity Report - "Production at all operating properties totalled 219,972 ounces of gold in the quarter. Production includes full quarter production from Sadiola and Yatela mines in Mali, Tarkwa and Damang mines in Ghana and Mupane mine in Botswana, and close to two months production from Rosebel mine in Surinam, Doyon Division and Sleeping Giant in Canada, following the acquisition of Cambior on November 8, 2006." More
- January 30, 2007 | Item |
Gold Seeker Closing Report: Gold & Silver Rise as Oil Surges Higher